Business Highlights: Twitter changes risk exodus by users, advertisers; Yellen to China this week
Elon Musk put new limits on tweets. Users and advertisers might go elsewhere
TikTok and Instagram users can scroll with abandon. But Twitter owner Elon Musk has put new curfews on his digital town square, the latest drastic change to the social media platform that could further drive away advertisers and undermine its cultural influence as a trendsetter. Keeping up with a sports game, extreme weather conditions or a major news event is getting harder under Musk’s new rules. He’s at least temporarily capped the number of tweets you can view as part of an apparent attempt to relieve the company’s overloaded web infrastructure. It’s cutting back on the reach and engagement that advertisers want on social media.
Deep sea mining permits may be coming soon. What are they and what might happen?
JAKARTA, Indonesia (AP) — The United Nations body that regulates the world’s ocean floor is preparing to resume negotiations that could open the international seabed for mining, including for materials vital for the green energy transition. Negotiations within the International Seabed Authority are approaching a critical point since it will soon need to begin accepting applications for mining permits. Environmental activists and researchers worry about the potential impact of mining on sparsely researched marine ecosystems and habitats of the deep sea. Here’s a look at deep sea mining, its importance and why environmental activists are raising concerns.
Stock market today: Wall Street tacks a bit more to its big run for the first half of the year
NEW YORK (AP) — Stocks edged higher Monday as momentum slowed on Wall Street following a powerful rally to start the year. The S&P 500 rose 0.1% and reached its highest level since April 2022. The Dow Jones Industrial Average gained 10 points, which is less than 0.1%. The Nasdaq composite added 0.2%. Tesla helped push the market upward after it said the number of vehicles it delivered during the spring surged from a year earlier. Much of the rest of the market was quiet. The U.S. stock market closed early on Monday and will remain shut on Tuesday in observance of Independence Day.
Treasury Secretary Janet Yellen is making a long-awaited trip to China this week
WASHINGTON (AP) — Treasury Secretary Janet Yellen will travel to Beijing Thursday in an effort to thaw U.S.-China relations, a Treasury official said. Yellen, who has called the notion of an economically decoupling from China “disastrous,” has frequently said in the past year that she would like to visit China. She says the two nations “can and need to find a way to live together” in spite of their strained relations and massive differences. Yellen’s trip would come shortly after Secretary of State Antony Blinken made a two-day stop in Beijing in June in what was the highest-level meetings in China in the past five years.
Saudi Arabia and Russia are cutting oil supply again in bid to boost prices
LONDON (AP) — Saudi Arabia and Russia are extending cuts to the amount of oil they pump to the world to try to prop up prices. It shows how two of the world’s largest oil producers are scrambling to boost income from the fossil fuel even as demand has weakened with the economy. The move Monday gave a slight boost to oil prices. The Saudi Energy Ministry said it would extend its previously announced cut of 1 million barrels per day in July through August in a bid to support “the stability and balance of oil markets.” Russia will cut an additional 500,000 barrels a day in August, for a total of 1 million.
Workers strike at major Southern California hotels over pay and benefits
LOS ANGELES (AP) — Workers are picketing major Southern California hotels after walking off the job during the holiday weekend to demand better pay and benefits. The strike by bellhops, front desk agents, room attendants, cooks, servers and dishwashers began early Sunday in Los Angeles and Orange counties just as summer tourism is ramping up. Members of Unite Here Local 11 voted in favor of authorizing the strike. The union is seeking better wages, improved health care benefits, higher pension contributions and less strenuous workloads. A coalition of hotels accuses union leaders of canceling a bargaining session and refusing to come to the table.
US measure would ban products containing mineral mined with child labor in Congo
ABUJA, Nigeria (AP) — New U.S. legislation would ban imported products containing critical green transition minerals mined by child labor in Congo. The bill seeks to counter China’s control of the “strategic” minerals in global supply for electric vehicles and other products. Hazardous and exploitative labor is rife in Congo’s cobalt and copper mines, which China overwhelmingly controls. Cobalt is a mineral used to make lithium-ion batteries for electric vehicles, a key pillar of President Joe Biden’s climate plans. Congo is the world’s largest producer of the mineral, and China’s control of mines there strengthens Beijing’s position in the global supply chain for EVs and other products.
EU climate chief is concerned over the expansion of the coal industry in China
BEIJING (AP) — The European Union’s climate chief has expressed concern over the expansion of China’s coal industry, with the building of new coal-fired plants. At a conference in Beijing on Monday, Frans Timmermans said that while China plans to expand its use of renewable resources such as wind and solar energy, the country has also been constructing an ever-growing number of coal-fired plants in the past few years. He said that “seems to be in a contradiction and it is in contradiction,” but added he could understand “the anxiety caused by potential blackouts.” China is the world’s biggest and fastest-growing producer of renewable energy. It aims to turn one-third of its total power supply renewable by 2025 and become carbon neutral by 2060.
As 1,500 Disneyland collectibles go up for auction, that Dumbo car — or trash bin — can be yours
BURBANK, Calif. (AP) — A passionate collector has brought the magic of Disneyland to a sprawling 30,000-square-foot building in Burbank, California, where fans can preview more than 1,500 items up for auction later this month. Visitors can hear birds chirping in the Enchanted Tiki Room section, and giggle at the animated ghosts from the famous park’s Haunted Mansion ride. Joel Magee has been building his collection of more than 6,000 items for 30 years and he’s finally ready to share some of it with the public. The exhibition is at the Burbank Town Center Mall and runs through July 16. The auction will be held July 17 through 19.
United Airlines gets a handle on canceled flights, the CEO outlines how to prevent another meltdown
Air travel is getting a bit easier, thanks to a break in storms that have pummeled the East Coast. The number of canceled and delayed flights on Monday was running well below Sunday’s rate. Besides the better weather, airlines are running lighter schedules a day ahead of the July 4 holiday. Wednesday figures to be the next big test for the system. That’s when airlines have about 50,000 flights scheduled. Travel is fully recovered from the pandemic. Nearly 2.9 million people were screened at U.S. airports on Friday. That’s the highest number since the Transportation Security Administration started keeping track.
The S&P 500 rose 5.21 points, or 0.1%, to 4,455.59. The Dow Jones Industrial Average rose 10.87 points, or less than 0.1%, to 34,418.47. The Nasdaq composite rose 28.85 points, or 0.2%, to 13,816.77. The Russell 2000 index of smaller companies rose 8.05 points, or 0.4%, to 1,896.78.